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AER - Previous Issues

     Vol. 99, Issue: 1 - March 2009
     Vol. 98, Issue: 5 - December 2008
     Vol. 98, Issue: 4 - September 2008
     Vol. 98, Issue: 3 - June 2008
     Vol. 98, Issue: 2 - May 2008
     Vol. 98, Issue: 1 - March 2008
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AER - March 2009

Articles in this Issue
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Front Matter (pp. i - vi)

Governance Institutions and Economic Activity (pp. 5 - 24)

Taxing Capital? Not a Bad Idea after All! (pp. 25 - 48)

Liquidity Constraints and Imperfect Information in Subprime Lending (pp. 49 - 84)

Estate Taxation, Entrepreneurship, and Wealth (pp. 85 - 111)

Peers at Work (pp. 112 - 45)

Women, Wealth, and Mobility (pp. 146 - 78)

Class-Size Caps, Sorting, and the Regression-Discontinuity Design (pp. 179 - 215)

Taxes and Employment Subsidies in Optimal Redistribution Programs (pp. 216 - 42)

Rare Disasters, Asset Prices, and Welfare Costs (pp. 243 - 64)

Cognition and Incomplete Contracts (pp. 265 - 94)

The Value of Groups (pp. 295 - 323)

The War on Drugs: Methamphetamine, Public Health, and Crime (pp. 324 - 49)

Sticky Prices and Monetary Policy: Evidence from Disaggregated US Data (pp. 350 - 84)

Risk, Ambiguity, and the Rank-Dependence Axioms (pp. 385 - 92)

Insurer-Provider Networks in the Medical Care Market (pp. 393 - 430)

Group Identity and Social Preferences (pp. 431 - 57)

Excise Taxes with Multiproduct Transactions (pp. 458 - 71)

Diversity in the Workplace (pp. 472 - 85)

Indirect Effects of an Aid Program: How Do Cash Transfers Affect Ineligibles' Consumption? (pp. 486 - 508)

Political Economy at Any Speed: What Determines Traffic Citations? (pp. 509 - 27)

Democracy and Foreign Education (pp. 528 - 43)

Doing Good or Doing Well? Image Motivation and Monetary Incentives in Behaving Prosocially (pp. 544 - 55)

JEL Indexes (Members Only)

American Economic Review

Vol. 99, No. 1, March 2009

Risk, Ambiguity, and the Rank-Dependence Axioms Mark J. Machina
Article Citation
Machina, Mark J.. 2009. "Risk, Ambiguity, and the Rank-Dependence Axioms." American Economic Review, 99(1): 385–92.
DOI:10.1257/aer.99.1.385
Abstract
Choice problems in the spirit of Ellsberg (1961) suggest that rank-dependent ("Choquet expected utility") preferences over subjective gambles might be subject to the same difficulties that Ellsberg's earlier examples posed for subjective expected utility. These difficulties stem from event-separability properties that rank-dependent preferences partially retain from expected utility, and suggest that nonseparable models of preferences might be better at capturing features of behavior that lead to these paradoxes. (JEL D81)

Article Full-Text Access

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Authors

Machina, Mark J. (U CA, San Diego)

JEL Classifications

D81: Criteria for Decision-Making under Risk and Uncertainty